There are two other options for small businesses to provide financial assistance to their employees to purchase health insurance coverage on Georgia Access.
Individual Coverage Health Reimbursement Arrangements (ICHRAs)
An Individual Coverage Health Reimbursement Arrangement (ICHRA) is a health savings account in which you as the employer contribute funds to employees to buy health insurance on Georgia Access rather than provide traditional Employer-Sponsored Insurance (ESI). Remaining funds can be used by employees to pay for qualified medical expenses. ICHRA contributions are tax-exempt and there is no set limit. Large employers offering ICHRAs must contribute enough funding to allow their employers to buy coverage on the Exchange that meets the affordability thresholds for health coverage set by the Internal Revenue Service (IRS).
Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)
A Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is a health savings account available to small businesses with 50 or fewer full-time employees used to purchase health insurance on Georgia Access rather than provide traditional ESI. Remaining funds can be used to pay qualified medical expenses. If you contribute funding to a QSEHRA, your employees may be able to combine the funding with Premium Tax Credits (PTCs) to make purchasing health coverage on Georgia Access more affordable. QSEHRAs do have maximum employer contribution limits set by the Internal Revenue Service (IRS).
Reach out to a certified agent or web broker to learn more about ICHRAs and QSEHRAs.